Latest News & VACUL Headlines
- Carrie's Diary: The Meditating Dentist
October 4, 2022The latest Diary post from League President/CEO Carrie Hunt discusses interchange, next month's elections, the CEO Summit, the upcoming CEO Forum ... and the vagus nerve. Seriously, that's a thing ...
- Risk Alert: Member Transaction Controls Can Assist in Card Fraud Battle
October 4, 2022Nearly half of all American adults have had a fraudulent charge on their credit or debit cards, amounting to around 127 million people according to security.org. In fact, more than one in three credit or debit card holders has experienced card fraud more than once. It is critical that your members know which transaction controls can help in their fight against card fraud and identity theft.
- League's Blau Interviewed for Virginia Business Article
October 4, 2022League Chief Advocacy Officer JT Blau was interviewed for a recent Virginia Business magazine article on lenders' efforts to manage stubbornly high inflation and rising interest rates.
- CUNA to Hold Elections for Board of Directors
October 3, 2022Nominations are now being accepted for eight open positions on CUNA’s Board of Directors. The deadline for nominations and seconds is Nov. 4. A District 2 seat (which represents Virginia) is vacant.
- Fed Governor: Include Credit Union Competition in Bank Merger Tests
October 3, 2022Credit unions have become significant competitors with banks and their presence should be a part of any bank merger evaluation, Federal Reserve Governor Michelle Bowman said last week.
- What Buy Now/Pay Later Fintechs Can Expect Next from the CFPB
October 3, 2022No draconian rulemaking has yet resulted from the Consumer Financial Protection Bureau's recent examination of top buy now/pay later fintechs' business practices. But a consensus is emerging that BNPL lenders will need to make changes to protect consumers, and the timing isn't great.
- As Mortgage Rates Continue to Rise, Refinancings Plunge
October 3, 2022With mortgage rates hitting highs not seen in more than a decade, refinancings continue to plunge and volume is considerably below where it was one year ago.
- Interchange Battle Heats Up with Move to Add Bill's Language as Amendment to NDAA
October 3, 2022U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) are ramping up their efforts to win passage of their interchange bill by introducing the language as amendments to the National Defense Authorization Act (NDAA), a must-pass piece of legislation.
- CFPB Releases Financial Toolkit for Victims of Hurricanes Fiona, Ian
October 3, 2022When a catastrophe like Hurricane Fiona or Hurricane Ian happens, your world can be turned upside down.?During these tough times, it may be difficult to know who to trust and where to look for guidance and assistance, as well as what financial steps to take as you begin recovering.
- NAFCU Compliance Blog: Breaking Down NCUA’s CUGMA Proposal
October 3, 2022Earlier this year, NAFCU blogged about the Credit Union Governance Modernization Act (CUGMA), which was signed into law in March. As our previous blog discussed, CUGMA amended the Federal Credit Union Act to make it easier for federal credit unions (FCUs) to expel problematic members, such as those that engage in violent, abusive or illegal behavior. Whereas FCUs previously needed a 2/3 vote of the credit union’s membership at a special meeting to expel a member, CUGMA changed federal law to allow FCUs to expel members “for cause” with a 2/3 vote of the FCU’s board of directors.